NFT Trader Loses $145,000 in Bored Ape Yacht Club (BAYC) Collectibles to Phishing Attack

NFT Trader Loses $145,000 in Bored Ape Yacht Club (BAYC) Collectibles to Phishing Attack

Amidst the surge of scam schemes haunting the cryptocurrency realm, an NFT trader has suffered a significant loss of over $145,000 worth of Bored Ape Yacht Club (BAYC) collectibles in a phishing attack.

On-chain security platform PeckShield highlighted the incident in a recent post, drawing attention to the alarming trend of malicious activities in the crypto space. The attack, which commenced on May 8 at 17:47 UTC, saw three BAYC NFTs transferred from tatis.eth to a phishing account. The perpetrator, known as Pink Drainer, swiftly moved the NFTs to another address, ultimately selling them for 48.5 ETH on leading NFT marketplaces Seaport and Blur.

This unfortunate event echoes previous reports of nefarious activities within the cryptocurrency domain. In December 2023, the same hacker group targeted Chainlink (LINK) tokens, resulting in losses amounting to $4.4 million. Employing deceptive tactics, the hackers exploited the “IncreaseAllowance” function, leading to substantial losses for users.

The fourth quarter of the previous year witnessed a surge in such malicious activities. In October, JPEG’d, an NFT protocol, warned its community about fraudulent platforms impersonating its services, aiming to deceive users into approving transactions before absconding with their NFTs and digital assets. Similarly, in December 2023, Flooring Protocol, a liquidity solution for NFTs, fell victim to an exploit targeting its multi-call smart contract. The attacker proceeded to offload stolen NFTs, prompting the protocol’s developers to swiftly deploy a solution to mitigate the vulnerability.

The incident serves as a stark reminder of the importance of heightened vigilance and robust security measures in navigating the volatile landscape of cryptocurrency trading and NFT transactions.

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